The Swiss Federal Department of Finance (FDF) has taken note of the US proposal to introduce a special tax on the largest financial institutions.
The FDF aims to analyze the draft legislation from the US Treasury Department as soon as this becomes available, following approval by the US Congress.
In a bid to recover state funds allocated in assisting financial institutions, the US is proposing the introduction of a so-called Financial Crisis Responsibility Fee. According to the FDF, the US Treasury Department is seeking coordination between the most important financial centers, and has approached the FDF with this concern.
According to the FDF: “In contrast to the US, there were no losses in Switzerland for the Confederation resulting from its investment in UBS. In fact its holding was able to be sold making a profit of CHF1.2bn (USD1.15bn). Up to now, the Swiss National Bank (SNB) has also not suffered any uncovered losses on its loan to the StabFund. In addition, the resources utilized for the economic stabilization measures remained within the scope of the debt brake. For fiscal reasons this is why a tax of this nature is not required in Switzerland.”
It also notes: “The USA is also planning to introduce a special tax with regard to cushioning in the 'too big to fail' issue. On this point, the Federal Council appointed an expert committee in November 2009.”
“It still remains to be seen what impact the US special tax will have on the big Swiss banks with subsidiaries in the USA,” it concluded.
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